Australian Prudential Regulation Authority Act 1998

PART 4A - DISCLOSURE OF INTERESTS OF APRA MEMBERS, APRA STAFF MEMBERS AND DELEGATES  

Division 1 - Disclosure of interests of APRA members  

SECTION 48A   STANDING OBLIGATION TO DISCLOSE INTERESTS  

48A(1)   [Obligation to disclose interest]  

An APRA member must disclose any interest that the member has if that interest could conflict with the proper performance of the functions of his or her office. Disclosure is required whether or not there is any particular matter under consideration that gives rise to an actual conflict of interest.

48A(2)   [Application of sec 48A(1)]  

Subsection (1) applies to interests:

(a) whether direct or indirect, and whether or not pecuniary; and

(b) whether acquired before or after the APRA member's appointment.

48A(3)   [Disclosure in writing]  

The disclosure must be by notice in writing given to the Minister, and to each of the other APRA members, as soon as practicable after the APRA member becomes aware of the potential for conflict of interest.

48A(4)   [Examples]  

Without limiting subsection (1), interests that must be disclosed under that subsection include:

(a) any agreement, understanding or expectation that the APRA member will:

(i) resume a previous business relationship (whether or not that relationship existed immediately before the member's appointment); or

(ii) enter into a new business relationship;

when the member ceases to be a member; and

(b) any severance arrangement or ongoing financial arrangement that takes account of an agreement, understanding or expectation that must be disclosed under paragraph (a).

48A(5)   [Application of sec 48A(4)(a) and (b)]  

Paragraphs (4)(a) and (b) apply to agreements, understandings or arrangements entered into, or expectations arising, before or after the member's appointment.

48A(6)   [Restrictions on obligation under sec 48A(4)(a)]  

The obligation to disclose an interest described in paragraph (4)(a) is subject to the following provisions:

(a) disclosure is required whether or not the field of business or legal nature of the relationship has been determined;

(b) if the interest is an expectation to enter into a new business relationship - the interest does not have to be disclosed unless the member can identify the other party, or one or more other parties, to the relationship.